NOTES TO THE FINANCIAL STATEMENTS l NOTE 7 7. Joint venture — Atterbury Africa   Hyprop’s wholly owned subsidiary, Hyprop Investments (Mauritius) Limited, has a 37,5% interest in Atterbury Africa, a Mauritius-based property investment company. The investment was made on 20 November 2012. Hyprop has 50% of the voting rights on the board of Atterbury Africa. Hyprop accordingly has joint control of Atterbury Africa.     GROUP June 2014 R000   GROUP June 2013 R000   COMPANY June 2014 R000   COMPANY June 2013 R000     Initial investment in equity #   #   #   #     Share in equity-accounted results ^   ^   ^   ^     #Less than R1 000                   ˆNil                   As at 30 June 2014, Hyprop Mauritius’ 37,5% share of Atterbury Africa’s liabilities exceeded its assets by R15 million (2013:R6,9 million).                   Summarised financial information of Atterbury Africa is as follows (all figures reflect 100% of Atterbury Africa):                   Summarised statements of comprehensive income                   Share of losses of associates (766)   (283)             Other income 6 604                 Administrative expenses 6 863   (3 852)             Depreciation (21 373)   (2 465)             Interest income 11 793   1 806             Finance cost (70 540)   (14 366)             Fair value gain on investment property 4 506                 Share of profits of joint venture 41 318   22 766             (Loss)/profit before taxation (21 595)   3 606             Taxation     539             (Loss)/profit for the year/period (21 595)   4 145             Other comprehensive income                   Share of other comprehensive loss of associate (736)                 Total comprehensive (loss)/income for the year/period (22 331)   4 145             Attributable to:                   Equity holders of the company (19 036)   5 955             Non-controlling interests (3 295)   (1 810)             Summarised statements of financial position                   Assets                   Non-current assets 1 339 381   536 747             Investment property 883 617   274 059             Investment in associates 5 388   187 208             Investment in joint venture 218 575                 Loan receivable 231 572   75 472             Property, plant and equipment 229   8             Current assets 180 171   50 541             Cash and cash equivalents 36 404   16 074             Trade and other receivables 143 767   34 467             Total assets 1 519 552   587 288             Equity and liabilities                   Capital and reserves 153 287   57 098             Shareholders’ deficit (39 999)   (18 363)             Non-controlling interest 190 880   75 029             Foreign currency translation reserve 2 406   432             Non-current liabilities 1 288 689   502 053             Borrowings 1 288 689   502 053             Current liabilities 77 576   28 137             Trade and other payables 77 576   28 137             Total equity and liabilities 1 519 552   587 288             Unrecognised share of losses of Atterbury Africa 39 999   18 363             Commitments and contingent liabilities relating to Atterbury-Africa                   Guarantees 92 671   213 231

NOTES TO THE FINANCIAL STATEMENTS l NOTE 7